How to Get a State Pension Forecast

Pensions are always in the news. Recent cuts in tax-free contributions are discouraging people from saving for retirement and the age at which retirees qualify for a State Pension seems to be pushed back regularly. If you don’t have a private pension you will be relying on a State Pension. If so, how can you calculate your State Pension forecast?

Apply online

You can either apply for a State Pension forecast through the post or online. You can get an online statement if you live in the UK and you’re more than 4 months away from retirement.

Applying by post

You can apply by post up to 30 days before you reach State Pension age. A form can be downloaded from direct.gov.uk or you could call the Future Pension Centre whose contact details are available at gov.uk. If you use this service you can expect a statement within 10 working days.

State Pension calculator

A State Pension calculator is available at gov.uk. It can be used to find out when you will qualify for a State Pension. If you are very close to retirement age or have already exceeded it, you will need to contact the Pension Service for an estimate. As with the pension calculator, their contact details are available at gov.uk.

Regularly apply

Applying for a state pension forecast every other year as you approach retirement is a good idea. This will help you plan for retirement. You will know the amount of savings you will need to accrue. It will also show if you are in line for the maximum state pension. If you are not, you may wish to pay extra contributions now to improve your entitlement.

Final word

Your State Pension forecast statement makes some estimates about you. If you apply for one on a regular basis you will be able to correct any mistakes. The statement will also alert you to any alterations to the pension you will receive due to planned changes to the pension system. This will allow you to plan for a happy and comfortable retirement.